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Duet Hires Macquarie’s Dali to Start Emerging Markets Hedge Fund

Duet Asset Management Ltd. has hired a Macquarie Investment Management LLC managing director to start a hedge fund to bet on macroeconomic trends in emerging markets.

David Dali has been appointed chief investment officer of the Duet Emerging Markets Macro fund, London-based Duet said in an e-mailed statement today. Dali led the emerging markets team at Macquarie Investment, which is a unit of Macquarie Group Ltd., Australia’s biggest investment bank, the company said.

Macro hedge funds that primarily invest in developing markets such as Latin America and Asia have outperformed those focused on developed markets this year, as volatility spurred by Europe’s sovereign debt crisis has tripped up traders. Emerging-market macro funds rose 5.2 percent on average through July, compared with a 1.1 percent gain for all macro funds, according to Singapore-based data provider Eurekahedge Pte.

The Duet fund will make wagers on credit spreads, interest rates, currencies and stocks. Jack Janasiewicz, who is also joining Duet from Macquarie Investment, will serve as chief strategist of the fund, while Brian Hassett will be head of operations. Hassett joins Duet from KPMG LLP. He previously worked at Macquarie Investment.

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